- Melburnian hospitality freehold sold for $3M.
- Industrial development opportunity acquired by local owner-occupier for $4.1M.
- Cold storage warehouse leased to expanding business.
Today’s property market wrap is another smorgasbord of sales and leases, from Melburnian pizzerias to industrial sites, a speculatively built cold storage facility in Queensland, and a spade of office leases in a newly refurbished Perth office.The late
Hallam industrial site acquired for $4.1M
A 3,965 square metre (sqm) industrial site in Melbourne’s south-eastern industrial market has been secured by a local owner-occupier for $4.1 million, representing a land rate of $1,034 per sqm.
Located at 73 Star Crescent, the property comprises a 360 sqm functional warehouse/office with crushed rock yard.
“The asset presented as a rare opportunity to acquire a prime land holding in a tightly held, core industrial location within the southeast, which led to a competitive campaign with over 60 inbound enquiries, yielding six formal offers,” said Colliers‘ industrial manager, Fraser Pearce.
Lygon Street freehold goes to a private investor
A corner hospitality freehold at 331-335 Lygon Street in Brunswick East has been sold for $3 million. Acquired on a 4% yield and a land rate of $9,772 per sqm, Fitzroys‘ Chris Kombi and Ervin Niyaz negotiated the deal.
The property is on the corner of Lygon and Victoria Streets, located just five kilometres from the Melbourne CBD. The single-storey building of 290 sqm is situated on 307 sqm of land. It includes 35.23 metres of frontage to a busy intersection.
The freehold was offered with a long lease 7+7+7-year lease to Figlia Pizzeria & Grana Deli.
“This was ultimately purchased as a passive set-and-forget investment, with a long lease to an established and recognised hospitality tenant, and which was fully renovated, therefore requiring no work,” said Kombi.
Four tenants join 150 St Georges Terrace
Knight Frank has leased out 2,337 sqm of office space at the fully refurbished, 12-level 150 St Georges Terrace in Perth.
|ILSC||1,438||Ground & Mezzanine|
|SPIE Oil and Gas||253||Level 3|
|Lily & Fox||240||Level 5|
Source: Knight Frank.
The deals were negotiated by Greg McAlpine and Ian Edwards of Knight Frank, who are marketing the remaining 3,341 sqm of vacant space at 150 St Georges Terrace.
“Tenants are turning their attention to 150 St Georges Terrace because it is in the very centre of the city, close to everything, but it has very reasonable rents, outstanding fitouts and generous leasing incentives,” said Edwards.
“The Perth office leasing market has recovered from Covid and working from home. The city is currently buzzing with people which makes a welcome relief from the Covid years.
“Although interest rate increases have not helped business confidence, there is a general feeling of positivity and the office vacancy rate in the CBD is falling.”
Auscool Logistics expands into Queensland
The leading provider of temperature-controlled logistics and transport solutions is chilling out in Ormeau, as the business signs a long-term lease with Hines for a state-of-the-art cold storage warehouse.
Located at 31 Lahrs Road, the speculatively built facility totals 11,197 sqm of building area, boasting green initiatives integrated into the design.
The lease was negotiated through Morgan Ruig and Matt Richards of Cushman & Wakefield, who said the new cold storage warehouse will serve as Aus Cool Logistics’ flagship facility.
“Expanding into Queensland has been a long-awaited goal for Auscool Logistics, and we are thrilled to finally establish a strong presence in this vibrant market,” said Auscool Logistics’ Ryan Johnstone.
“Our commitment to delivering unmatched, reliable, and high-quality cold chain solutions has driven this expansion, and we are excited to serve our existing and new clients in Queensland with the same level of excellence they have come to expect from us.”
Situated approximately 40 kilometres from Brisbane’s CBD and 45 kilometres from the Gold Coast CBD, the Yatala Enterprise Area (YEA) is situated along the M1 corridor, which links these two major Southeast Queensland centres as well as the Port of Brisbane, a key trading port servicing export markets. 31 Lahrs Road benefits from direct access to the M1 Motorway North and South via Exit 41 and has convenient access to the Logan Motorway 10 kilometres to the North.
“The property saw enormous amounts of enquiry due to the fact it was the only brand new vacant cold storage facility of its size available in QLD. Multiple offers were received with the successful tenant coming shortly after practical completion at the asking rental,” said Richards.